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Suppose two identical firms produce widgets and they are the only firms in the market. Their costs are given by C1 = 5 (Q1 ) and C2 = 5 (Q2 ) respectively, where Q1 is the output of firm one and Q2 is the output of firm 2. Price is determined by the following demand curve: (MC for each firm is 5)
P= 100-Q, where Q = Q1 + Q2 .
Find the Stackleberg Equilibrium.
Which of the following strategies are used by businesses to capture consumer surplus? Nash equilibria are stable because
Evaluate the following: The laws of supply and demand cannot apply to the labor market because labor is not a commodity to be bought and sold like machines.
Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
What are the FC, ATC, AFC, AVC and MC at these output levels?
Suppose you are reviewing an isocost graph. The axis on the graph shows capital units on the vertical axis, and labor units on the horizontal axis.
Exchange and markets, Demand supply and market equilibrium
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Perfect competition guarantees allocative efficiency. A profit-maximizing monopolist can never be allocatively efficient.
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
Show these data graphically. Upon what specific assumptions is this production possibilities curve based? What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a lev..
In national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?
Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
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